Spooz Overbought

May 1, 2001
Dave Landry

Each evening we
focus on the most interesting aspects for the upcoming
trading day. The comments are based on observations of the
nightly updates of the Futures and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.

Based on market internals and price action, the index futures remain
overbought. For the nimble only (e.g. day trade) look for a shorting opportunity
on signs of a reversal.

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Once again, for you bottom fishers, July cotton
(
CTN1 |
Quote |
Chart |
News |
PowerRating), appears to be
making a bottom near life-of-contract lows. Continue to
look for a buying opportunity here.